Paramount Seeks EU Approval for Warner Bros. Discovery Takeover

Paramount Skydance has asked European Union regulators to approve its planned $110 billion acquisition of Warner Bros. Discovery, triggering a formal antitrust review of one of the largest media deals under consideration this year.

A filing published by the European Commission on June 2 showed that regulators have set a preliminary deadline of July 7 to decide whether to approve the deal or launch a more detailed investigation.

The European Commission reviews mergers involving companies that generate significant revenue in the European Union, regardless of where they are headquartered.

Under the EU Merger Regulation, regulators assess whether a transaction could significantly reduce competition, including by creating or strengthening a dominant market position.

The commission’s review does not indicate opposition to the deal. Instead, it begins a formal process to determine whether the acquisition raises competition concerns under EU law.

The review marks another regulatory hurdle for the proposed merger, which is also expected to face scrutiny in the UK and the United States.

Warner Bros. Discovery operates television networks, film distribution businesses, and streaming services throughout Europe. Its portfolio includes CNN International, Discovery Channel, TLC, and Cartoon Network.

The company has also expanded its Max streaming service across continental Europe.

Discovery reported 131.6 million global streaming subscribers at the end of 2025 and generated $37.3 billion in revenue during the year, according to financial results released on Feb. 26.

Paramount also maintains a substantial European footprint through Paramount+, Pluto TV, film distribution, content licensing, and television brands including MTV, Nickelodeon, Comedy Central, and the UK’s Channel 5.

Paramount+ is available in major European markets including France, Germany, Italy, the UK, and Ireland, while Pluto TV operates across much of the continent. Paramount+ reported approximately 79 million paid subscribers at the end of 2025.

Broader Regulatory Review

Paramount has been engaging with regulators in multiple jurisdictions since agreeing to acquire Warner Bros. Discovery following months of competition with Netflix for control of the media company.

Paramount’s final offer consisted of an all-cash bid of $31 per share. The agreement also included a 25-cent-per-share quarterly ticking fee if the transaction is not completed by Sept. 30 and a $7 billion regulatory termination fee.

Netflix ultimately withdrew from the bidding process and received a $2.8 billion termination payment from Paramount.

The UK’s Competition and Markets Authority is also preparing to examine the merger.

“The film and TV industries contribute billions to our economy, so it’s important we assess whether deals between studios may harm competition,” a Competition and Markets Authority spokesperson told Reuters. “We expect to launch our phase one investigation in the coming weeks.”

In the United States, Sen. Elizabeth Warren (D-Mass.) and 12 other Democratic lawmakers urged the Department of Justice and the Treasury Department in a March 12 letter to closely review the transaction for potential antitrust and national security concerns.

“Congress has a responsibility to ensure that merger enforcement in concentrated creative industries—particularly transactions involving substantial foreign capital—is conducted rigorously and in strict adherence to federal law,” the lawmakers wrote.

Not all observers believe the deal presents significant competition concerns.

Alden Abbott, who served as chief legal officer of the Federal Trade Commission during President Donald Trump’s first administration, said in an April 13 blog post that the merger is unlikely to harm competition.

Abbott said the transaction offers “plausible efficiencies to strengthen competition against larger, well-capitalized rivals.”

“Ongoing monitoring makes sense as the industry evolves,” Abbott wrote. “But based on current evidence, the case for intervention looks weak.”

Federal Communications Commission (FCC) Chairman Brendan Carr also signaled support for the transaction. Speaking with CNBC in March, Carr said the Paramount-Warner Bros. Discovery proposal appeared “cleaner” than the alternative deal involving Netflix.

“If there’s any FCC role at all, it’ll be a pretty minimal role,” Carr said. “And I think this is a good deal, and I think it should get through pretty quickly.”

The European Commission’s initial review is expected to conclude by July 7, when regulators must either approve the transaction or open a more extensive investigation.

Paramount and Warner Bros. Discovery have said they expect the transaction to close during the third quarter of 2026, subject to regulatory approvals.

Andrew Moran contributed to this report.